Written by CIOReview
Headquartered in Texas, Hyosung America is focused on bringing industry-leading cash management solutions to financial institutions and the retail market. The company was founded in the late 1990s when there had been no significant innovation in the Retail ATM marketplace. However, with a focus on innovation, engineering, and superior customer service, Hyosung brought the change introducing a small-footprint Retail ATM, opening up a new market.
Today, the company is widely recognized for its industry-leading products and self-service solutions in retail and expanding into the financial institutions market. Hyosung equipment currently makes up almost 80 percent of all units installed in retail locations. “While we enjoy significant market share in the FI space, retail is really the historical backbone of our business,” says Marvin Bowers, AVP of Retail Sales, Hyosung America.
The retail market has many challenges that Hyosung is focused on addressing. One of them is the inability to drive traffic and transactional revenue to the machine in the unique retail environments. To this end, Hyosung is constantly investigating and bringing trusted value-added transactions to machines as well as providing consultative advice around placement, cash-management, and branding strategies.
“Also, allowing deposits to be made at the counter or at the ATM is a game-changer for the retail industry. It means more retailers can better utilize their cash to keep ATMs filled. This minimizes the cost of cash both for the pickups at the store and the drop-offs for the ATM. It is critical to continue working with retailers to bring solutions that work in their constantly-changing environments,” says Mr. Bowers.
Further, Hyosung has more than 500 service technicians located in 46 states nationally and recently announced an industry-first warranty part replacement service for its retail customers to utilize these technicians for warranty calls. No other manufacturer in the retail space offers this capability today. “Our service technicians, customer support, parts department, and sales and marketing teams are all market-leading, and a lot of people put in an enormous amount of effort to ensure that we stay a notch above the rest. It is important to us that the customer never feels pain, that they know we are here to help when issues arise,” mentions Mr. Bowers.
For instance, Hyosung helped one of the largest ATM deployers in the U.S. with a 500 machine delivery—all with Level 1 safes in less than 60 days. This was an incredible amount of work and a very high-pressure installation, and Hyosung exceeded the customer’s expectations throughout the project.
Such has been the prowess that Hyosung has created for itself by understanding their clients’ needs and evolving accordingly as a company. A current example is Hyosung currently supporting transactions to purchase and sell cryptocurrency at the machine. The company is also constantly trying to improve its products such that they remain on the leading edge of technology in the retail environment.
Indeed, in a world where it isn’t easy to get through all of the voice prompts and internet forms, Hyosung sets real targets for customer service and focuses on bringing a personal touch to the industry. “We get the most positive feedback from the marketplace. Another great improvement we have made is getting our after-market parts and upgrade kits shipped out quickly. We are starting to consistently ship more than 95 percent of all parts orders on the same day they are ordered. This is head and shoulders over our peers in the industry,” concludes Mr. Bowers.